(Closed) Credit Score, Credit card debt, student loans, depressed :(

posted 6 years ago in Money
Post # 3
Member
993 posts
Busy bee
  • Wedding: May 2013

I take it you aren’t a student anymore?  What are you doing for work?

I have friends who are back in school to put off student loans, but I don’t know if that’s the best idea unless you have a flexible job.

Post # 4
Member
1079 posts
Bumble bee
  • Wedding: June 2013

From what I understand, as long as you start doing things to turn your credit around now, anything that is held against will clear off your record in seven years.  One of my parents left some debt in my name and it has finally cleared off my record.  I made an oopsie of my own too that will take a few more years to clear up.  I’ve just been really upfront with my Fiance about it and we’ll work through it.  I think the most important thing will be to just allow yourself to ‘start fresh’ and work on building your credit back up.

Post # 6
Member
1079 posts
Bumble bee
  • Wedding: June 2013

@Mysticblue24:  No offense to anyone who has done this, but I really don’t think that going back to school to put off loans is the best option.  Not only are you adding more stress to your life by trying to go to school and work, but you’re acruing more debt, and you’re just going to be back in the same situtation when that schooling is up. 

Post # 8
Member
4676 posts
Honey bee
  • Wedding: August 2012

Do what you can to pay off those Credit Card payments- seasonal job?  selling stuff on e-bay? whatever!  

I don’t know if your loans are fedral loans or private- fedral are usually easier to work with though.  I know that they have other repayment options you can look into.  But your student loan debt is GOOD debt, and as long as you keep making payments on it, it should imporve your credit score.  

Post # 9
Member
121 posts
Blushing bee
  • Wedding: August 2012

I had the same problem. I have a zillion dollars in student loans! I thought I’d never be able to buy a house. But I just closed on my house a week ago!!!

To improve your score, keep paying your credit cards on time. Your score will slowly improve over time. But you won’t see a big jump until you pay them off!

You can defer your student loans without hurting your credit.

You have to have to have the right debt to income ratio in order to qualify for a home loan. Paying off your credit cards will help with that. If you have too much debt, and not enough income, even with a good credit score, you cannot qualify.

The key is to get rid of those credit cards. They are evil! Don’t give up. Just keep slowly “plugging away” and keep your eyes set on the long term result.

Good luck!

 

Post # 12
Member
107 posts
Blushing bee
  • Wedding: December 2012

You can also do deferment or forbearance for a little while if you are really struggling to pay off the student loans. Whatever you do, don’t just ignore them. Call the company, they will always work with you, trust me! They may be able to set up a progressive loan repayment plan for you, basically the loan payment starts off small and then increases as your career (hopefully) advances.

Post # 13
Member
121 posts
Blushing bee
  • Wedding: August 2012

@Mysticblue24:  Call Sallie Mae. Did you consolidate your loans? They have income-based repayment programs.

I suggest you put your money toward those evil, high interest credit cards first then pay your student loans.

Post # 14
Member
31 posts
Newbee
  • Wedding: July 2012

You are not alone. When i finished school I had 60k in student loans and about 10k in cc debit. Fiance had about 40k in students loans and dropped out to move across the country with me. It is now 4 years later we still have about 70k total in student loans but the cc debit gone and we have bought a house and have zero debit besides the student loans. btw I would not suggest buying a house until the student loans are gone. We chug along at it each month and if about 5 more years we will be completely debit free. In 10 we will own have our house paid off. We have short term goals and long term goals. Laughing 

So I get it. The best advise i can give you is finding a program that talks about helping with this. No i don’t mean a program like you pay them to fix it but like a church funded finacial adviser who will give you ideas on how to work like crazy to get out of debit. 

It will not be easy. You will do with out a lot. Eating out once a month, no shopping, a smaller wedding, and no extras. You may want to move to a cheaper place. Move in with family ect. BUT you will get out of debit and it can be done.  If you want the name of the course i took pm me. It really funny because when we talk with people about this stuff we find out we are not alone. 

Post # 16
Member
63 posts
Worker bee
  • Wedding: October 2012

Start finding information on paying off debt. All of us screw up, it is what you decide to do with the situation that determines your future. Google debt snowball, start reading free blogs that deal with getting out of debt. Make it a priority, it is not easy but it can be done.

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